TT VISION HOLDINGS BERHAD

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Open to apply: 29/12/2022
Close to apply: 06/01/2023
Balloting: 10/01/2023
Listing date: 18/01/2023

Share Capital
Market cap: RM159.12mil
Total Shares: 468mil shares

Industry CARG (2017-2021)
Global semiconductor sales CAGR: 7.8%
Global optoelectronic sales: 5.7%
Global solar cell and module production: 23.2%
Global semiconductor manufacturing equipment sales: 16%
Industry competitors comparison (net profit%)
TTVHB: 17.6% (PE15.19)
Vitrox: 24.9% (PE36.44)
Penta: 22.7% (PE39.33)
Mi: 16% (PE18)
Genetec: 26% (PE21.69)
AT: -163.7% (PE-0.59)
Aimflex: 6.2% (PE15.15)
Visdynamics: 20.1% (PE9.71)
MMSV: 21.7% (PE13.3)
QES: 14.5% (PE20.87)

Business (FYE 2021)
Development and manufacturing of machine vision equipment and provision of related products and services.
(Use of product: optoelectronics, solar cells, discrete components and ICs, as well as used in vision guided robotic equipment)
Revenue by Geo
Malaysia: 24.42%
China: 73.45%
Others: 2.13%

Fundamental
1.Market: Ace Market
2.Price: RM0.34
3.P/E: 15.19 @ RM0.0224
4.ROE(Pro Forma III): 12.45%
5.ROE: 17.99%(FYE2022), 15.88%(FYE2021), 41.05%(FYE2020), -10.11%(FYE2019)
6.Net asset: RM0.18
7.Total debt to current asset after IPO: 0.32 (Debt: 23.244mil, Non-Current Asset: 35.224mil, Current asset: 72.111mil)
8.Dividend policy: no formal dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun, 6mths): RM27.358 mil (Eps: 0.0112),PAT: 19.00%
2021 (FYE 31Dec): RM47.264 mil (Eps: 0.0180),PAT: 17.64%
2020 (FYE 31Dec): RM24.927 mil (Eps: 0.0039),PAT: 6.08%
2019 (FYE 31Dec): RM20.660 mil (Eps: -0.0092),PAT: -20.91%
***EPS here used cal based on 468mil shares (prospecture book use 385mil shares, pg15)

Operating cashflow vs PBT
2022: -15.73%
2021: 27.6%
2020: 271%
2019: -92.37%

Major customer (2022)
1. Shenzhen Brightsemi Technology Co., Ltd./China: 43.1%
2. Customer B/China: 20.52%
3. Dominant Opto / Malaysia: 13.76%
4. Shanghai Xingyin Electronic Technology Co. Ltd./China: 5.56%
5. Customer group A/ China and Malaysia: 5.55%
***total 88.49%

Major Sharesholders
Goon Koon Yin: 21.51% (direct)
Wong Yih Hsow: 21.51% (direct)
Jennie Tan Yen-Li: 2.48% (direct)
Tan Oon Pheng: 2.48% (direct)

MTDC (Khazanah wholly-owned subsidairy): 23.47% (direct)

Directors & Key Management Remuneration for FYE2022 (from Revenue & other income 2021)
Total director remuneration: RM1.522mil
key management remuneration: RM0.904mil - RM1.10mil
total (max): RM2.622mil or 13.32%

Use of funds
1. Repayment of bank borrowings: 20.88%
2. R&D expenditure: 27.85%
3. Marketing activities: 2.96%
4. Working capital requirements: 37.17%
5. Listing Expenses: 11.14%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a sunrise industry IPO. However semicond industry is a cyclical industry, current situation is semicond turning into oversupply, the industry will get back to better after oversupply over turn into supply shortage. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter
result release. Reader take their own risk & should do own homework to follow up every quarter
result to adjust forecast of fundamental value of the company.

KUMPULAN KITACON BERHAD

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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.

Open to apply: 28/12/2022
Close to apply: 09/01/2023
Balloting: 11/01/2023
Listing date: 17/01/2023

Share Capital
Market cap: RM340mil
Total Shares: 500mil shares
Industry CARG (2017-2021)

Value of building construction work completed by sectors
1. Malaysia (residential) CAGR: -9.1%
2. Malaysia (non-residential) CAGR: -6.8%
3. Selangor (residential) CAGR: -7.5%
4. Selangor (non-residential) CAGR: -7.9%

Industry competitors comparison (net profit%)
Kitacon: 9.2% (PE8.1)
Kerjaya: 9.9% (PE13.04)
MGB Bhd: 4.5% (PE14.31)
Nestcon: 3.4% (PE30.56)
Inta Bina: 3.5% (PE11.81)
Vizione: -28.9% (PE-1.37)
TCS: 1.2% (PE-10.45)
Gagasan: 3.7% (PE-29.04)
Haily: 5.0% (PE8.74)

Business (FYE 2021)

Provision of construction services
Residential: 84%
Non-residentail: 16%
Principal Market
Selangor: 96.8%
Negeri Sembilan: 1.6%
Johor: 1.6%

Fundamental
1.Market: Main Market
2.Price: RM0.68
3.P/E: 8.1 @ RM0.084
4.ROE(Pro Forma III): 21.09%
5.ROE: 22.69%(FYE2021), 14.96%(FYE2020), 22.42%(FYE2019)
6.Net asset: RM0.496
7.Total debt to current asset after IPO: 0.48 (Debt: 190.583mil, Non-Current Asset: 42.890mil, Current asset: 395.501mil)
8.Dividend policy: Propose 25% PAT dividend policy.
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun): RM234.733 mil (Eps: 0.052),PAT: 11.1%
2021 (FYE 31Dec): RM455.502 mil (Eps: 0.084),PAT: 8.40%
2020 (FYE 31Dec): RM489.645 mil (Eps: 0.078),PAT: 7.80%
2019 (FYE 31Dec): RM581.523 mil (Eps: 0.110),PAT: 9.40%

Order book
FYE2022: RM104.961 mil
FYE2023: RM617.578 mil
FYE2024: RM131.070 mil

Operating cashflow vs PBT
2022: 87.83%
2021: 154.0%
2020: 84.9%
2019: 44.6%

Major customer (2022)
1. Sime Darby: 25.3%
2. Tropicana Aman Sdn Bhd: 14.8%
3. QLB: 11.4%
4. SP Setia Group: 10.2%
5. Symphony Hills Sdb bhd: 8.8%
***total 70.5%

Major Sharesholders
Tan Ah Kee: 8.4% (direct)
Teow Choo Hing: 28.9% (direct)
Suan Neo Capital: 35% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM5.095mil
key management remuneration: RM2.10 mil - RM2.50 mil
total (max): RM7.595mil or 9.39%

Use of funds
1. Purchase of Aluminium formwork systems: 34.8%
2. Purchase of Scaffoldings and cabins: 11.6%
3. Purchase of land and construction of a storage and refurbishment facility: 38.7%
4. Working capital: 6.3%
5. Listing Expenses: 8.6%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion
and reader should take their own risk in investment decision)
Overall is a high risk IPO due to overall weak performance & challenge of the industry
environment cause the difficulty for the company to growth. The order 2022 like unable to break revenue in 2021, but order book in 2023 likely will have better result compare 2022. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter
result release. Reader take their own risk & should do own homework to follow up every quarter
result to adjust forecast of fundamental value of the company 

VESTLAND BERHAD

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Open to apply: 27/12/2022
Close to apply: 16/01/2023
Balloting: 18/01/2023
Listing date: 31/01/2023

Share Capital
Market cap: RM311.621 mil 
Total Shares: 944.308mil shares
 
Industry CARG (2017-2021)
Real GDP Growth of Malaysia’s Economy and the Construction Industry: -5.4%
Overhang of Residential Properties in Malaysia (volume): 10.5%
Overhang of Commercial* Properties in Malaysia (volume): 30.4%
Industry competitors comparison (net profit margin%)
Vestland: 6.2% (PE29.20, 2021), (est PE14.6, 2022)
Suncon: 6.4% (PE12)
Kerjaya Prospek: 9.9% (PE12.72)
GDB: 6.5% (PE8.91)
Inta Bina Group Bhd: 3.5% (PE11.55)
Vizione: -28.9% (-ve)
Tuju Setia: 3.4% (-ve)
TCS Group: 1.2% (-ve)
Gagasan Nadi Cergas Bhd: 3.7% (-ve)
Siab Holdings Berhad: 3.2% (-ve)

Business (FYE 2021)
Construction of residential and non-residential buildings

Fundamental
1.Market: Ace Market
2.Price: RM0.33
3.P/E: 29.20 @ RM0.013 (est, PE14.6,2022)
4.ROE(Pro Forma III): 19.44%
5.ROE: 22.90%(FYE2021), 19.57%(FYE2020), 24.87%(FYE2019)
6.Net asset: RM0.1162
7.Total debt to current asset after IPO:  0.679 (Debt: 144.650mil, Non-Current Asset: 38.144mil, Current asset: 212.987mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%
2022 (FPE 30Jun, 6mth): RM139.914 mil (Eps: 0.0113), PAT: 7.62%
2021 (FYE 31Dec): RM171.081 mil (Eps: 0.0113),PAT: 6.22%
2020 (FYE 31Dec): RM97.124 mil (Eps: 0.0074),PAT: 7.22%
2019 (FYE 31Dec): RM98.707 mil (Eps: 0.0076),PAT: 7.26%
***Order book (until 2025): RM947.43mil

Operating cashflow vs PBT
2022: 56.33%
2021: 69.85%
2020: -62.13%
2019: 51.36%

Major customer (2022)
Mercu Majuniaga Sdn Bhd: 36.49%
Hawa Teknik Sdn Bhd: 29.22%
Sg.Besi Construction Sdn Bhd: 18.86%
Binastra Construction(M) Sdn Bhd: 4.81%
***total 95.02%

Major Sharesholders
Datuk Liew Foo Heen: 63.33% (Direct)
Wong Sai Kit: 11.17% (Direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM1.444mil
key management remuneration: RM0.95mil - RM1.25mil
total (max): RM2.694mil or 11.45% 

Use of funds
1. Acquisition of the new head office/refinancing of borrowings for acquisition of the new head office: 13.37%
2. Performance bonds and/or cash deposits for construction projects: 19.25%
3. Working capital: 59.71%
4. Listing expenses: 7.67%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall, the company is in low net profit industry at this moment. However take count on the order book, revenue still strong on coming 1-3 years. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company

WELLSPIRE HOLDINGS BERHAD

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Open to apply: 27/12/2022
Close to apply: 04/01/2023
Balloting: 06/01/2023
Listing date: 16/01/2023

Share Capital
Market cap: RM163.789 mil 
Total Shares: 712.125mil shares
 
Industry CARG (2017-2021)
Revenue of wholesale of food (Thai) CAGR: 8.1% 
Industry competitors comparison (net profit margin%)
Wellspire Group: 11.3%
Sino-Pacific Trading (Thailand): 4.6%
Kor Chaisaeng: 0.8%
Heritage Marketing Co., Ltd: 0.5%
Sun Foods Trading Co., Ltd: 0.4%
Modern Food Trading Co., Ltd: 0.1%
Chailai Intertrade Co., Ltd: 9.2%
Capmax Trading Co., Ltd: 2.1%

Business (FYE 2021)
Distribution of consumer packaged foods focusing on snack foods in Thailand.
- Sunflower seeds: 92.07%
- Other Snack food, other seed and nuts, others: 7.93% 

Fundamental
1.Market: Ace Market
2.Price: RM0.23
3.P/E: 22.98 @ RM0.01 (FPE2022)
4.ROE(Pro Forma III): 8.11%
5.ROE: 106%(FYE2021), 80.41%(FYE2020), 98.2%(FYE2019)
6.Net asset: RM0.067
7.Total debt to current asset after IPO: 0.19 (Debt: 11.491mil, Non-Current Asset: 2.624mil, Current asset: 61.607mil)
8.Dividend policy: Propose 30% dividend policy. 
9. Shariah starus: -

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FPE 30Jun, 6mth): RM60.509 mil (Eps: 0.0015), PAT:3.54%
2021 (FYE 31Dec): RM136.707 mil (Eps: 0.0156),PAT: 11.27%
2020 (FYE 31Dec): RM119.706 mil (Eps: 0.0166),PAT: 13.16%
2019 (FYE 31Dec): RM58.799 mil (Eps: 0.0044),PAT: 7.06%

Operating cashflow vs PBT
2022: 75.56%
2021: 77.71%
2020: 23.36%
2019: -ve

Major customer (2022)
1. CP All: 44.55%
2. Valueplus: 25.61%
3. Siam Makro: 14.18%
4. Big C: 5.72%
5. Ek-Chai Distribution: 5.03%
***total 95.09%

Major Sharesholders
1. Mo Guopiao: 28.16%
2. Silver Line Capital: 17.03%
3. He Haibin: 11.85%
4. Capital Pairing: 7.15%

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.214mil
key management remuneration: RM0.550mil - RM0.700mil
total (max): RM2.914mil or 7.63% 

Use of funds
1. Acquire/construct a warehouse and operational facility in Thailand: 55.83%
2. Working capital: 20.79%
3. Listing Expenses: 23.38%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a business that too focus on single product brand, which also is their higher risk contribution. They company need to increase the revenue contribution from other product. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company

DS SIGMA HOLDINGS BERHAD

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Open to apply: 13/12/2022
Close to apply: 21/12/2022
Balloting: 27/12/2022
Listing date: 06/01/2023

Share Capital
Market cap: 264mil (will depend on final IPO price)
Total Shares: 480mil shares
 
Industry CARG (2017-2021)
Consumption value of paper cartons: CARG 10.6%
Consumption value of plastic packaging: CARG 11.3%
Competitors comparison (Net profit margin, PE)
1. DS Sigma Group: 17.7% (PE12.56)
2. Public Packages Holdings Bhd: 12% (PE4.56)
3. Jishan Bhd: 10.8% (PE6.01)
4. HPP Holdings Bhd: 9.9% (PE15.6)
5. Magni-Tech Industries Bhd: 9.3% (PE7.91)
6. Master-Pack Group Bhd: 9.4% (PE7.25%)
7. Others (9company): 8.9% to -19%

Business (FYE 2022)
Manufacturing of corrugated paper packaging products including cartons, protective packaging and paper pallets. 
DS Manufacturing: Manufacture of corrugated paper packaging products.
DS Packaging: Manufacture of corrugated paper packaging products and supply of protective packaging products.
Kaisung: Supply of protective packaging products.

Fundamental
1.Market: Ace Market
2.Price: RM0.55
3.P/E: 12.56 @ RM0.0438
4.ROE(Pro Forma III): 22.36%
5.ROE: 42.69% (FYE2022), 73.27%(FYE2021), 43.51%(FYE2020), 74.72%(FYE2019)
6.NA after IPO: RM0.20
7.Total debt to current asset after IPO: 0.3829 (Debt: 23.204mil, Non-Current Asset: 58.647mil, Current asset: 60.596mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun): RM121.218 mil (Eps: 0.0438),PAT: 17.71%
2021 (FYE 30Jun): RM127.858 mil (Eps: 0.0423),PAT: 16.52%
2020 (FYE 30Jun): RM85.891 mil (Eps: 0.0202),PAT: 11.55%
2019 (FYE 30Jun): RM105.682 mil (Eps: 0.0312),PAT: 14.13%

Operating cashflow vs PBT
2022: 94.09%
2021: 66.14%
2020: 70.23%
2019: 86.71%

Major customer (2022)
1. Samsung Electronics: 20%
2. SOEM (Sony): 18.86%
3. SSCSM (Sony): 17.8%
4. PAACM (Panasonic): 14.97%
5. YH Precision (M) Sdn Bhd: 5.11%
***total 75.64%

Major Sharesholders
Lucille Teoh Soo Lien: 61% (indirect)
Beh Seng Lee: 61% (indirect)
DS Kaizen: 61% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM7.454mil
key management remuneration: RM0.90 mil - RM1.10 mil
total (max): RM8.554mil or 19.89% 

Use of funds
1. Expansion of operations to Penang: 2.39%
2. Establishment of Klang Factory 2: 31.91%
3. Purchase of Automated and robotic packing machines: 14.16%
4. Purchase of Honeycomb board machines: 6.38%
5. Purchase of 6-colour flexographic printing machine: 11.37%
6. Establish packaging design and innovation centre: 2.27%
7. Repayment of bank borrowings: 11.96%
8. Working capital: 10.79%
9. Listing Expenses: 8.77%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a good IPO. Just worries part is IPO PE offer is above the average of the same industry competitors. In other meaning is good IPO with no discount offer compare to competitors. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.

L&P GLOBAL BERHAD

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Open to apply: 13/12/2022
Close to apply: 19/12/2022
Balloting: 21/12/2022
Listing date: 03/01/2023

Share Capital
Market cap: 168mil (will depend on final IPO price)
Total Shares: 560mil shares
 
Industry CARG (2017-2021)
Wooden industrial packaging industry, Malaysia, 2017- 2021: CAGR 5.11%
Industrial packaging industry, Vietnam, 2017-2021e: 19.52%
Competitors comparision (PAT%) 
L&P group: 11.85%
ETH Holdings Sdn Bhd: 2.32%
Transpak Worldwide Sdn. Bhd: 6.06%
EPE Packaging (Penang) Sdn Bhd: 0.98%
LHT Holdings Limited (its subsidairy): 9.99% (PE6.85)
Nefab (Malaysia) Sdn Bhd: 9.41%
TimberTech Pallet Systems Sdn Bhd: -0.98%

Business (FYE 2022)
Design and manufacture of integrated wooden based industrial packaging solutions. 
Boxes, crates & packing services: 69.97%
Pallets: 27.03%
Provision of circular supply services: 0.85%
Trading as value added sevice: 2.15%
Revenue by Geo
M'sia: 81.39%
Vietnam: 18.61%

Fundamental
1.Market: Ace Market
2.Price: RM0.30
3.P/E: 11.72 @ RM0.0256
4.ROE(Pro Forma III): 18.46%
5.ROE: 36.09%(FYE2021), 35.34%(FYE2020), 23.96%(FYE2019)
6.NA after IPO: RM0.13
7.Total debt to current asset after IPO: 0.704 (Debt: 61.656mil, Non-Current Asset: 47.819mil, Current asset: 87.578mil)
8.Dividend policy: proposed 20%-50% PAT dividend policy. 
9. Shariah starus: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jul, 7mths): RM83.824 mil (Eps: 0.0142),PAT: 9.47%
2021 (FYE 31Dec): RM120.924 mil (Eps: 0.0256),PAT: 11.85%
2020 (FYE 31Dec): RM88.305 mil (Eps: 0.0176),PAT: 11.16%
2019 (FYE 31Dec): RM66.304 mil (Eps: 0.0078),PAT: 6.63%

Profit before tax vs cash from operating
2022: 49.61%
2021: 50.46%
2020: 41.30%
2019: 14.79%

Major customer (2022)
1. First Solar Group of Companies: 55.39%
2. Jinko Solar Group of Companies: 12.12%
3. Customer A: 4.9%
4. Celestica Electronics (M) Sdn Bhd: 3.11%
5. Flextronics Group of Companies: 2.19%
***total 77.71%

Major Sharesholders
B Pack Holdngs Sdn Bhd: 64.51% (direct)
Ooi Lay Pheng: 64.51% (indirect)
Lee Soon Swee: 64.51% (indirect)
Ooi Hooi Kiang: 4.7% (indirect)
Ooi Kah Hong: 4.7% (indirect)
Moviente: 4.7% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM0.843mil
key management remuneration: RM0.95mil - RM1.2mil
total (max): RM2.043 mil or 11.93% 

Use of funds
1. Capital expenditure: 29.5%
2. Business expansion: 5.9%
3. Repayment of borrowings: 14.75%
4. Working capital: 38.35%
5. Listing Expenses: 11.50%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a fair IPO. The company have opportunities to growth when it finish set-up the Johor factory. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.

NATIONGATE HOLDINGS BERHAD

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Open to apply: 12/12/2022
Close to apply: 30/12/2022
Balloting: 04/01/2023
Listing date: 12/01/2023

Share Capital
Market cap: 788.094mil (will depend on final IPO price)
Total Shares: 2.0739bil shares
 
Industry CARG
Forecast M'sia EMS industry 2022-2027 CARG: 10.3%

Competitor comparison
NGH: 7.8% (IPO PE11.9)
ATAIMS: -1.9% (PE-6.74)
Aurelius: 6% (PE30)
PIE: 5.9% (PE16)
SKPRES: 7.5% (PE14.51)
SMT technologies: 3% (GE, PE12)
VS: 6% (PE21.2)

Business (FYE 2022)
EMS provider focusing on the assembly and testing. 
(a) electronic components and products to produce completed PCBs, semi-finished subassemblies and fully-assembled electronic products.
(b) semiconductor devices.
Revenue by Geo
Msia: 74.4%
Others: 25.6%

Fundamental
1.Market: Ace Market
2.Price: RM0.38
3.P/E: 11.9 @ RM0.0318
4.ROE(Pro Forma III): 19.90%
5.ROE: 38.20%(FYE2021), 27.37%(FYE2020), 6.16%(FYE2019)
6.NA after IPO: RM0.16
7.Total debt to current asset after IPO: 0.84 (Debt: 457.459mil, Non-Current Asset: 248.833mil, Current asset: 544.138mil)
8.Dividend policy: no formal dividend policy. 
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)
2022 (FYE 30Jun, 6mths): RM426.002 mil (Eps: 0.0159),PAT: 7.8%
2021 (FYE 31Dec): RM760.870 mil (Eps: 0.0276),PAT: 7.8%
2020 (FYE 31Dec): RM566.246 mil (Eps: 0.0148),PAT: 5.4%
2019 (FYE 31Dec): RM325.998 mil (Eps: 0.0025),PAT: 1.6%

Operating cashflow vs Profit before Tax (amended)
2022: 13.37%
2021: 46.19%
2020: 139%
2019: -ve

Major customer (2022)
1. Company A (Fully-assembled electronic products): 54.8%
2. Company B (Fully-assembled electronic products): 10.5%
3. Robert Bosch Power Tools Sdn Bhd (Completed PCBs): 9.2%
4. Company C (Completed PCBs): 5.6%
5. Company B (Completed PCBs): 2.9%
***total 83%

Major Sharesholders
Ooi Eng Leong: 57.8% (direct)
Tan Ah Geok: 7.2% (direct)

Directors & Key Management Remuneration for FYE2023 (from Revenue & other income 2022)
Total director remuneration: RM2.783mil
key management remuneration: RM1.45mil - RM1.70mil
total (max): RM4.483 mil or 7.488% 

Use of funds
1. Purchase of machineries and equipment: 3.6%
2. Working capital requirements: 29.2%
3. Repayment of bank borrowings: 63.8%
4. Listing Expenses: 3.4%

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is a low net profit margin industry. The operating cashflow vs PBT drop below 20%, & risk of highly depend on foreign worker. Hence, this IPO will category into high risk category area for rating. (Amended) 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.